Number of employed Finns no longer falling

Unemployment rate at eight percent in October

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The most recent Labour Force Survey of Statistics Finland, published on Tuesday, reveals that the number of employed Finns grew by 30,000 in October from the level one year ago. This represents the second consecutive month with a growing employment level.
      The unemployment rate in October was eight percent, down from 8.3 percent one year previously. However, when adjusted for seasonal fluctuations, the unemployment rate was 8.7 percent. The employment rate stood at 66.6 percent, or 0.6 percentage points higher than one year ago.
      According to Statistics Finland, there were 203,000 people out of work in Finland in October. The figures from the Ministry of Labour show 271,000 registered people at employment offices.
     
Researcher Pekka Tossavainen from Statistics Finland commented that the shift in the trend of decreasing employment is quite significant. The number of employed persons had fallen for one and a half years, but the past two months have brought a total of 47,000 people into the ranks of the employed.
      Tossavainen points out that two months alone are not sufficient for deducing that the employment situation will improve in the future as well. "But employment has developed much better than what was expected six months ago. The service sector has covered the dismissals of the industry quite well."
      Compared with October last year, the employment situation improved in construction, retail trade, and parts of the service sector. The number of jobs in the industrial and agricultural sectors decreased.
      The number of economically inactive persons has fallen by 14,000 from October 2003. Tossavainen explains that the rise in the number of stay-at-home mothers has slowed down, and many students are now working.


Links:
  Statistics Finland Labour Force Survey

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